Verastem, Cempra set IPO ranges

Preclinical cancer company Verastem Inc. (Cambridge, Mass.) and antibiotics company Cempra Holdings LLC (Chapel Hill, N.C.) set price ranges on Tuesday for their respective IPOs. Verastem plans to sell 4.5 million shares at $9-$11. A $10 price would raise $45 million and value the company at $192.3 million. UBS; Leerink; Lazard; Oppenheimer; and Rodman are underwriters. Verastem proposed to raise up to $50 million last November. Verastem, founded in 2010, plans to submit an IND for VS-507 in late 2012. VS-507 is a proprietary formulation of salinomycin being developed to treat breast cancer (see BioCentury, Nov. 11, 2011). ...